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(b) ~e organizational meeting of a newly elect~ed Board shall be
held within ten (10) days of their electian at such plave and time as shall
be fi~oed hy the Direcbors at the meetinq at which th~y were elected arxi no
further n~tive of the organizational meetinq shall be neoessarY prwiding a
quo~run shall be gresent. ~
Section 3. Reroval of Direc~ors. At ariy time after the first meetinq
of the manUership, any ane ar mare of the Directors may be ramved with or
witho~ut cause by t1~e affirmative wte of the Vot,ing Ms~ers casting not less
than t~-thirds of the total wtes p~esent at sai.d meeting, and a suooessor
may th~n and there be elected t~ fill the vacanc.y thus ct~eated. Should the
membership fail to elect sai,d suvoessor, the ~rd of Directors may fill the
vacaax,y in the maiu~ p~ovided in Section 4 belaw.
Sectian 4. Vacancies on Directorate. If the offive of any Direct~or
ar Direct,ors beoanes vacant by reasori of death, resignation, retirenent, dis- '
quali.fication, ramval frcm offioe, ar otherwise, a majority of the ranaining
Directors, though less than a quorun, shall choose a sucxessor ar suooessors,
who shall 2~old offioe for the balat~oe of the w~xpired t,erm in respect to which
such vacanc.y oocurred. 'I'he electi.on held for the pu~rpose of filling sai.d _
vacanc,y may be held at any regul.ar or special meetiryg of t1~e Board.
Section 5. Disqualificatian and Resiqnatio~ of Di.rect~rs. Aiiy
Director may resign at any time by sending a written notioe of six;h resignatio~
' to the offioe of the CaYporatioci cielivered to .the Secretatiy. Unless othezwise
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~ specified thexein, such resignation shall tak,e effect upon reoeipt thereof by
i the Secretaty. Mo~e tt~an three (3) ~o~nsec.~utive abset~oes fr~an r~egu2ar meetirigs
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E of the Board, unless excvsed by resolutio~n of the Hoard, s~hall autanati~ally
oalstituts a resignatioan effective when sucfi resignation is avoep~ted l~y the
&~d. In the eve~t a Director oeases to be an Own~r, ar in the ev~ent of
oorparate vwnership caeases bo be an offic~r ar emplay~ee of said aaYparation, then
the Directorship shall inn~edi.ately and autaaatically tenni.nate . No menber shall
' oocitini~e tn serve on the Boarci shoula he be mo~e than 30 days delir~quent in the
payirent of an Assessnent and sai~d delvnqu~ency shall aut~amatically vonstitute
a resignation effective when such resignation is aooept,ed by the Board.
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